Unitrust Insurance Grows Revenue By 30% To N6.9bn In FY23 , Pays N3.2bn As Claims To Policyholders

Arowojolu Adedayo, MD unitrust Insurance Limited

BY NKECHI NAECHE- ESEZOBOR–Unitrust Insurance Company Limited has released its financial performance for the year ending December 31, 2023.

The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.

Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of ₦6.9 billion, resulting in 30% increase compared to ₦5.3 Billion recorded in 2022. This the insurer attributed to improvement in service delivery, customer, and strategic expansion into new market segments.

It successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver 1,264% increase in Profit Before Tax to ₦2.4 billion when compared to N178 million reported in the previous.

Profit After Tax rose to N1.7 billion in the period under review from N185 million achieved in 2022, representing 858% growth.
This robust performance according to the insurer is a testament to the operational efficiency and prudent investment strategies.

Committed to prompt claims settlement, the company during the year under review paid a total of N3.2 billion as claims to policyholders.

During the year, the underwriter embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices.

The Company is optimistic about future growth and committed to offering its numerous customers quality service delivery.